GCI Liberty Announces Reincorporation in Delaware

May 10, 2018 07:15 PM Eastern Daylight Time

ENGLEWOOD, Colo.--(BUSINESS WIRE)--GCI Liberty, Inc. (“GCI Liberty”) (Nasdaq: GLIBA, GLIBP) today announced
that at 4:02 p.m., New York City time, it completed its reincorporation
in the State of Delaware by merging with and into a direct and wholly
owned Delaware subsidiary. The reincorporation was approved by
shareholders of GCI Liberty at a special meeting of shareholders held on
May 7, 2018.

At the effective time of the reincorporation, (i) each share of GCI
Liberty Class A common stock issued and outstanding immediately prior to
the effective time converted into one share of Series A common stock of
the surviving Delaware corporation; (ii) each share of GCI Liberty Class
B common stock issued and outstanding immediately prior to the effective
time converted into one share of Series B common stock of the surviving
Delaware corporation; and (iii) each share of GCI Liberty Series A
Cumulative Redeemable Preferred Stock issued and outstanding immediately
prior to the effective time converted into one share of Series A
Cumulative Redeemable Preferred Stock (the “Series A Preferred Stock”)
of the surviving Delaware corporation.

Following the completion of the reincorporation, former holders of Class
A Common Stock, Class B Common Stock and Series A Cumulative Redeemable
Preferred Stock of GCI Liberty own the same number of shares of Series A
Common Stock, Series B Common Stock and Series A Preferred Stock,
respectively, in the surviving Delaware corporation as they owned in the
Alaska corporation prior to completion of the reincorporation. As a
result of the reincorporation, the dividend rate on the Series A
Preferred Stock will increase from 5% to 7%, effective after the next
dividend payment date on July 15th.

The reincorporation did not result in any changes to GCI Liberty’s name,
ticker symbols, CUSIP numbers, headquarters, business, management,
location of offices, assets, liabilities or net worth, other than as a
result of the costs incident to the reincorporation merger. Members of
GCI Liberty’s management, including all directors and officers, have
assumed identical positions with the surviving Delaware corporation.

About GCI Liberty, Inc.

GCI Liberty, Inc. (Nasdaq: GLIBA, GLIBP) operates and owns interests in
a broad range of communications businesses. GCI Liberty’s principal
assets consist of its subsidiary GCI and interests in Charter
Communications and Liberty Broadband Corporation. GCI is Alaska’s
largest communications provider, providing data, wireless, video, voice
and managed services to consumer and business customers
throughout Alaska and nationwide. GCI has delivered services for nearly
40 years to some of the most remote communities and in some of the most
challenging conditions in North America. GCI Liberty’s other businesses
and assets consist of its subsidiary Evite and its interest in Lending
Tree.